U.S. stocks extended gains Tuesday, as the S&P 500 rides its best four-day win streak since November, amid investor optimism that the current spread of Omicron infections with have a short-lived impact on the global economy.

Studies suggesting the new variant carries milder symptoms, as well as guidance from the Centers for Disease Control and Prevention to shorten isolation times for those infected to five days from ten, has added to solid December gains for stocks on Wall Street even as case counts continue to rise.

Apple  (AAPL) – Get Apple Inc. Report, in fact, said late Monday that it will close all twelve of its New York City stores amid a surge in Covid infections in the state, where hospitalizations have topped 5,500 over the Christmas week, a level last seen in February, and daily case counts nearing 50,000.

Globally, reported Covid cases hit a record 1.44 million on Monday, lifting the seven-day moving average to around 841,000.

Still, markets found support from Europe Tuesday, where governments in Britain and France declined to impose new restrictions on businesses and individual despite soaring case numbers and accelerating hospitalizations.

On Wall Street, the Dow Jones Industrial Average added 170 points in the opening hour of the trading session, while the S&P 500 rose 6.5 points from last night’s record close.

The tech-focused Nasdaq Composite, however, edged 15 points lower even as benchmark 10-year Treasury note yields fell to 1.464% in early New York trading.

Tesla  (TSLA) – Get Tesla Inc Report shares were a notable early mover, rising 1.2% after analysts at Wedbush published a note maintaining their ‘outperform’ rating on the stock and arguing that China demand will remain a ‘lynchpin’ in the carmaker’s near-term growth.

Apple, too, was on the move, falling 0.6% — but still close to an historic $3 trillion market cap — following last night’s news of New York store closures. 

Boeing  (BA) – Get Boeing Company Report shares, too, booked a 1.7% gain after officials in Indonesia cleared the planemaker’s 737 Max for a return to service following a crash in October of 2018.

Indonesia’ transport ministry said the decision was effective immediately, and marked one of the final clearance hurdles for the workhorse jet in a major aircraft market, with China’s Civil Aviation Authority (CAAC) issuing an “airworthiness directive” earlier this month.

Staying in the sector, airline stocks were higher even after the nation’s top infectious disease expert, Dr. Anthony Fauci, suggested a vaccine mandate may be needed for domestic travel, adding to …….

Source: https://www.thestreet.com/markets/stock-market-today-wall-street-extends-gains-look-past-omicron